Each girl has their own bank account that I set up. They are one of those bonus saver ones that earns extra interest as long there is a deposit and no withdrawals for the month. All birthday and Christmas money go in. We also put in a small amount per month so they get the bonus interest. MIL also gave a large amount to each girl to help them get started on the way. My Dad has set up a separate trust account for each of them, he received some compensation and decided that a some of it should go to them. Being in trust means it is not part of his estate to be divided up when he passes on, it is safe for them.

I don't put a heap of money into the girls accounts at the moment as 1, we don't have it and 2, any surplus money at the moment should be paying off our mortgage. I see us being debt free sooner as much as a benefit to them, as a it will mean we will have more disposable money when they are 18 to help them out, rather than a mortgage still weighing us down. If we do become more financial sooner than expected then I will up the monthly amount.